Cheque Fraud

Check fraud is one of the biggest challenges that banks face with respect to fraud. Advancements in technology such as desktop publishing have made it easier to produce altered/forged, fictitious or counterfeit checks which look very much like the original. In almost all cases, cheque fraud begins when the fraudster gains hold of a legitimate check and uses various means to take ownership of the check.

Check fraud schemes

There are a myriad of cheque fraud schemes including

Forgery,

Counterfeit or alteration;

Paperhanging (writing a check on a closed account);

Identity theft,

Insider fraud (fraud through collusion with bank employees) and

Telemarketing fraud.

Fraud tip: Cheque fraud has several variations such as fraud using

the MICR ink line;

the routing number;

disappearing ink

inconsistent font style or spacing;

stolen identity

Phishing/Smishing/Vishing

To know more about check fraud schemes and how to prevent/detect it, please use the contact button to reach us.